Try to trust your advisor, more

Submitted by trufinancial

on Wed, 10/16/2013 - 19:30

Sometimes I feel really disappointing when prospects (or even clients) under estimate what we, advisors, can do for them and keep thinking we can't help them in anything if they don't have money (or they need the money to "spend").

Of course, it is a lot harder to try to turn around if you don't earn enough or you have limited assets, but that doesn't mean we can't do anything for you, as we, advisors often have different strategies to help you to stretch your dollars (that is even more important when you don't have enough money).

Here are a few examples:

1. a client who had $65k in hand and was using that amount to go back to school. If she had that $65k left in the bank, make 1% and take that money to pay for tuition and living expenses, she would have only lasted about 3 years. with the strategy we in placed for her, she was able to withdraw more than what she would have withdraw from a simple saving account, and the money lasted over 4 years.

2. another client who had a consolidation loan (5 year term) from a bank charged him over 9%, we help him to re-write the loan, together with some other savings we had done together, we lowered his monthly payments as well pay off his debt in 2 years.

3. this other client said to me "Mimi, I cannot save." I convinced her to start saving even with just $25 a month, we saved along the way and eventually when we got $2000 saved, she was so happy that she took the money for a trip. Even though she spent the money: she saved. :D

4. a client who was looking to purchase a property in 2-3 years' time. Her credit was ~590 when I met her. We strategized an action plan on how she pay down her debt and a saving plan at the same time. With her hardwork, we were able to improve her credit to close to 660 in 5 months' time. Of course, we still have to work harder to get better but yes, we did a good job!

Of course, these are only a few random examples I pulled out, we deal with so many clients and all of them have different background and situations. A lot of times, we just don't know what we can do, or whether we can help or not, but you won't know either unless you come and check it out with us. Please help us to help you, bring us your numbers and we will work with you to your goal :)